SM Investments Corp (SMIC) has taken 62.21 per cent controlling stake in Philippines Urban Living Solutions Inc (PULS), the operator of dormitory buildings under the MyTown brand.
According to an SMIC disclosure, it acquired more than 674.8 million common shares of PULS, with price less than 10 per cent of the giant holding company’s net book value, which was determined based on appraised asset value.
“This acquisition allows SMIC to capture growth opportunities in the dormitel segment,” SMIC informed the Philippine Stock Exchange.
Established in 2012, PULS owns, develops and operates dormitory spaces for rent under the MyTown brand aimed at young professionals. It has built rental housing communities at a walking distance from the central business districts of Metro Manila.
“MyTown’s dormitories are equipped with attractive amenities and targeted retail facilities that allow its tenants to save on travel time and transportation cost,” SMIC said in its statement.
A holding firm of conglomerate SM Group of Companies, SMIC is engaged in retail, property, financial services, among others. Among its subsidiaries are The SM Store, SM Supermarkets, SM Hypermarkets, SaveMore, Waltermart Supermarket Inc, SM Prime Holdings Inc, BDO Unibank and China Bank.
SMIC’s last trading price decreased 0.14 per cent or P1.00 to close at P710 per share on Monday.